In May 2024, Ukraine's GDP grew by 3.7% [±1%] compared to May last year.
Such estimates were made public by the Ministry of Economy, Ukrainian News Agency reports.
Despite the slowdown in growth, the economy continues to recover.
As a result, for January-May 2024, GDP growth is estimated at the level of 4.3% [±1%] compared to the same period last year.
It is reported that the increase in the intensity of hostilities, the shelling of infrastructure facilities and the shortage of electricity - all this restrained the growth of the economy in May of this year.
However, business has met these challenges through adaptability.
GDP growth continued thanks to high export rates in the conditions of stable operation of the Ukrainian Maritime Corridor, as well as high demand for construction services, which is supported by the financing of infrastructure restoration.
Positive trends were observed in the transport sector, industry, construction, agriculture and domestic trade.
At the same time, among the negative factors we have a significant shortage of qualified personnel, as well as russia's systematic efforts to destroy our energy infrastructure.
At the same time, high security risks, as well as the destruction of the energy infrastructure, remain key unsolved problems.
The restoration of the energy sector will require time and resources, which, according to forecasts, may hold back the pace of the recovery of industrial activity.
Also, logistical problems and a difficult situation on the labor market due to high migration remain negative factors for the economy.
As Ukrainian News Agency earlier reported, the National Bank worsened the GDP growth forecast from 3.6% to 3% in 2024.
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